(The Associated Press circulated the following article on April 21.)
OMAHA, Neb. — Union Pacific Corp. announced Friday that Chairman Dick Davidson plans to sell 175,000 shares of his company stock to help prepare for retirement.
But Davidson, who stepped down as chief executive in January after nine years, will retain a significant stake in the nation’s largest railroad after the sale. According to the company’s proxy statement, Davidson owned 2,613,866 Union Pacific shares on Feb. 23.
The company news release said Davidson will sell the 175,000 shares on or after May 19.
Davidson received a $2.4 million bonus for 2005 on top of his $1.4 million salary.
Union Pacific shares closed up $1.44 at $95.95 Friday on the New York Stock Exchange.